The Ministry of Culture and Sports improves the CREA SGR financing line for cultural companies

The Audiovisual Reciprocal Guarantee Company Fianzas SGR modifies the purpose, term and amount of the line in order to face the exceptional circumstances that the cultural sector is going through.

He Ministry of Culture and Sports has approved a new order modifying that of July 21, 2020, which establishes new conditions on the financing lines granted to the cultural sector by the Audiovisual Reciprocal Guarantee Society Fianzas SGR.

These financing lines were initially approved for a total amount of 780,000,000 euros within the framework of Royal Decree-Law 17/2020, of May 5, and their objective was to boost financing given the enormous impact that the health crisis has had on the cultural sector in Spain.

This new order modifies the purpose, term and amount of the line in order to address the exceptional circumstances that the cultural sector is going through, which registers a greater negative impact than expected in July 2020.

Furthermore, the text expands the purpose of the financing line to accommodate not only treasury imbalances, but also to include the possibility of supporting the implementation of projects derived from the measures and restrictions adopted due to the Covid-19 situation.

The submission of applications can be made until October 31, 2021 and the deadline for carrying out activities until December 31, 2021, without prejudice to possible future extensions of its validity if circumstances so demand.

Another of the measures included in the new order responds to the extension of the maximum amount of financing requested up to 2,000,000 euros, since both the modification of the purpose of the line and the experience and activity of the Sociedad de Garantía Recíproca Audiovisual Fianzas evidence the existence of a demand from the cultural sector to request financing for an amount greater than the 100,000 euros initially authorized.

Finally, in order to guarantee greater legal certainty and the principle of equality, the conditions of the new order may be extended to applications processed prior to its entry into force at the request of the interested parties.

The proposed modifications respond to the needs detected in the execution of the financing lines of the cultural sector, as well as the extension of the duration of the effects caused by the pandemic.